https://www.taxtmi.com/caselaws?id=71520 The Tribunal upheld the CIT(A)'s cancellation of the penalty under section 271(1)(c), dismissing the revenue's appeal. The reassessment did not reveal any new facts warranting the penalty, and the Tribunal found the initiation of penalty proceedings unjustified as the assessee had disclosed all material facts. The Commissioner's order indirectly leading to the penalty was deemed prejudicial to the assessee, contrary to the provisions of section 264. The Tribunal emphasized that the penalty proceedings were unwarranted, resulting in the dismissal of both the revenue's appeal and the assessee's cross objection. en-us Mon, 09 Sep 1996 00:00:00 +0530 Mon, 25 Apr 2011 13:51:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71520 The Tribunal upheld the CIT(A)'s cancellation of the penalty under section 271(1)(c), dismissing the revenue's appeal. The reassessment did not reveal any new facts warranting the penalty, and the Tribunal found the initiation of penalty proceedings unjustified as the assessee had disclosed all material facts. The Commissioner's order indirectly leading to the penalty was deemed prejudicial to the assessee, contrary to the provisions of section 264. The Tribunal emphasized that the penalty proceedings were unwarranted, resulting in the dismissal of both the revenue's appeal and the assessee's cross objection. Case-Laws Income Tax Mon, 09 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71520